A Swiss oil trader is buying Shell’s Australian refinery and petrol stations
for about A$2.9 billion (£1.56 billion) in its biggest acquisition, looking
to grab a share of a growing oil product market.

The purchase will pit Vitol against rival Trafigura, which became Australia’s
largest independent fuel retailer last year in a market where the less
nimble oil majors are looking to cut losses.

Australia has become one of Asia’s biggest fuel importers, creating
opportunities for traders as the majors have shut older, small refineries,
under pressure to shift investment to oil and gas production, which
generates better returns.